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Tarang Parikh

Managing Director

YG-1 Industries India

1 Rating

MACHINE TOOLS Indian manufacturing is tagged to have slow adoption for new technology

Jan 22, 2019

We are deep diving into our basic engineering principles, with micro-level working & detailing, which is the most important aspect of digitalisation - Tarang Parikh, Managing Director, YG-1 Industries India

With the 50-year completion of IMTEX this year, what significance does it hold for you and your company? How old is your company’s association with IMTEX?

We have been associated with IMTEX since our inception. The exhibition has been a prominent global platform for industrial products. It gives an immense opportunity to exhibit the latest technology and products, which attract OEMs, SMEs, global players & entrepreneurs. Seeds are sown for new business relations and also help in blooming existing ones. The width and depth of a brand also gets showcased here.

What would be the big strategy/plan that you will be pursuing post-IMTEX in 2019, aimed at creating a big business impact?

We strongly believe in path-breaking technology & the latest products. Our recent developments in niche application areas will be a game changer. Our current development has set the rhythm, which in turn will create a symphony post-IMTEX. Our dedicated industry segment solutions will ensure high cost savings for regular processes as well as solve pain areas for our customers.

Digitalisation has been the most talked-about topic in the manufacturing industry today. Besides digitalisation, would you like to highlight any other technology advances that will have the maximum traction in the next two years?

Human Computer Interface/AI is playing a vital role to ease highly human intense processes. The digitalisation process in manufacturing is helping all stakeholders by improving process efficiency & reliability with high levels of accuracy on one hand and shifting the industry to a preventive approach rather than a curative one, on the other. The actions, in turn, are creating better productivity in a cost-effective manner, with the added advantage of virtual control. We are deep diving into our basic engineering principles, with micro-level working & detailing, which is the most important aspect of digitalisation. The upcoming years are very crucial for the mass level implementation.

How do you assess the disruptive power of new technologies at an early stage and build a sustainable plan so as to respond to the technological disruptions, in the short-term and long-term?

The world is going through multiple innovation cycles; the rapid pace of new products & new material development is bringing a major challenge for our industry. The most favorable aspect for our group is that we are future-ready so as to embrace any new technology like, 3D printing, and get the first mover advantage. On the other hand, we have a prominent base in traditional products which gives us the opportunity to serve the complete spectrum. Our R&D team is continuously working in line with changes & developments ongoing in user industries. We are also working to cope with their future requirements. Different global geographies have a different pace of adoption, so our strategies vary as per the market needs, for the short-term & long-term.

In your opinion, what is an industrial trend/concept/ myth which you would like to demystify within the Indian manufacturing sector?

Indian manufacturing is perceived globally as low cost and a moderate quality provider, whereas our talented entrepreneurs are producing at par with global benchmarks, quality wise, with the help of frugal engineering. Indian manufacturing is also tagged to have slow adoption for new technology, whereas with recent activities & local market demands, we have been providing high quality at optimum cost, which is the result of the quick pace of adoption. The developments have, thus, resulted into increased footprints of Indian multinationals, significantly.

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